CEOs of Top 30 German Companies Report a Drop in their SalariesBusiness | September 26, 2019, Thursday // 12:48| views
CEOs of the 30 companies in Germany's leading stock index DAX report a 2 percent drop in their salaries on an annual basis, according to a study published yesterday by the DPA.
The average salary of the executives of the leading companies in Germany, which make up DAX, was about 6 million euros, according to an analysis of PricewaterhouseCoopers - PwC, presented yesterday in Frankfurt, said BTA.
The analysis covers a total of 160 DAX companies, the MDAX Medium Enterprises Index and the SDAX Small Business Index, and the TecDAX Technology Companies Index.
MDAX chief executives received 7 percent less than the previous year and SDAX chief executives 1 percent less. TecDAX executives report a 2 percent pay rise.
Changes in the remuneration of company executives reflect the weakening of the economy after years of growth, PricewaterhouseCoopers sums up. The implications are only for gross wages. However, real remuneration has actually increased by 11 percent as various components of the payment are paid late.
The survey also shows differences when it comes to directors' salaries compared to other members of the executive board. Board members of DAX companies and TecDAX executives generally had higher salaries.
The study also shows a similar pattern with supervisory boards, with their chairmen reporting a drop in their salaries and the other members a rise. The average remuneration of a chairman of a DAX supervisory board was 325,000 euros.
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